The average price of an apartment in south africa is R1,034,300 to R3,374,600, depending on the factors we shall discuss in this guide.
Buying an apartment in South Africa is among the best investments you would make.
Although you should be ready to pay a handful amount as other factors also determine the cost of buying an apartment in South Africa, as broken down below.
What is the cost of building a house in South Africa? Learn more on this.
What is the price of renting an apartment in South Africa?
If you decide to rent an apartment in South Africa rather than buy one, you should be able to examine the best prices according to your budget. South Africa has relatively cheap accommodation services that are reliable and secure. The cost of renting an apartment in south africa is ZAR10,564.65 to ZAR22,749.78, depending on the location and size of the apartment, as broken down below.
| RENTAL COSTS IN JOHANNESBURG | AVERAGE MONTHLY COST |
| Small apartment | ZAR10,564.65 |
| Medium apartment | ZAR13,918.72 |
| Large apartment | ZAR17,989.80 |
| RENTAL COSTS IN CAPE TOWN | AVERAGE MONTHLY COST |
| Small apartment | ZAR12,618.56 |
| Medium apartment | ZAR17,828.69 |
| Large apartment | ZAR22,749.78 |
Factors affecting the cost and price of buying an apartment in South Africa
1. Moving costs
Depending on where you lived before and the apartment you bought, you will probably need to move your items to your new apartment. This will require some money to hire the best moving company. It will cost R5000 to R15,000 if you move your items to the same city.
You may be offered a discount if you decide to move your things during the week or in the middle of the month. You may consider cheap mini movers if you don’t have enough money to hire moving companies.
2. General maintenance and repair
Some homes are usually in perfect condition when moving, while others must be repaired. If you should repair your apartment before moving in, this will cost you money. You may decide to hire people to clean, repair and repaint walls. You may also need extra household items such as brooms and detergents.
3. Household utilities
If you purchased a freehold asset, you must register to get electricity connection and water. Telephone and Internet lines should be connected. It will cost you R1000 to R3000 to connect your telephone and Internet and get water in your apartment.
4. Levies and rates
If you managed to purchase a freehold asset, you should be able to pay levies and rates. They tend to vary from city to city and depend on your property’s area and value. Levies are calculated according to your property’s value, while rates cover garbage removal and sewerage usage. The information will be provided to you by the estate agent.
5. Security
Before buying an apartment in South Africa, it is better first to research the Crime rates in that neighborhood and how well you will secure an apartment. Security companies may offer you a good contract for a certain duration. Ensure that the length of the duration is favorable to you.
6. Insurance
You should acquire homeowners insurance for your apartment from the bank. This will help cover all the damages to your apartment in the future. You should be aware that your items and possessions are not included in the insurance details, and you will have to look for an additional insurance policy for your items.
7. Transfer costs and Bond registration
These are unavoidable costs associated with buying an apartment that you must account for. For example, if your property has a bond of R1,200,000 and the seller has not been registered under VAT, and the person buying the property is not owned, the transfer cost will be around R31, 600 and the bond registration around R31,700. Both VAT is included.
Requirements for buying a house in South Africa?
To be able to buy an apartment in South Africa, there are some requirements that you should satisfy first to ensure you encounter no problems. These requirements include the following;
- Determine and set your budget.
- Assess your overall credit record.
- Look for a real estate agent to assist you.
- Search for your new ideal house or apartment.
- Sign the offer to purchase the property.
- Arrange for a severe home inspection.
- You can decide to apply for the Best home loan.
- Close and finalize the deal.
What is the current price of land in South Africa? Find out here.
Frequently Asked Questions
With more than 60% of the population owning homes, house prices are fair and stable. For a new entry home, it will cost you around R937,000.
House prices vary from city to city, however, you will find relatively cheap properties in Polokwane and Port Elizabeth.
If you want to live comfortably and securely, consider residing in Cape Town, Pretoria, Durham, and Johannesburg.
Cape Town is considered one of the safest cities in South Africa for neighborhoods, despite the level of crime rising in South Africa.
Cape Town is considered the cleanest city in South Africa, though most cities are pretty clean.